People looking to start a commercial venture must know about the different types of lawyers. Running a business is not only about financial planning and marketing strategies. It also involves adhering to a number of laws and following specified procedures.
A violation of a regulation can land an enterprise and its management into serious legal trouble. In some cases, if found guilty they can be even sent to prison.
It is, therefore, essential for startup owners and other small entrepreneurs to know about the kind of legal assistance they require for running their commercial operations smoothly. Investors who are looking to enter a foreign market must know about the applicable local regulations that will affect their organization.
For instance, an enterprise must engage corporate lawyers in India before beginning a venture in the country. Following is a list of different types of attorneys that businesses anywhere in the world need to manage their work.
1. Corporate Lawyer
All corporations need to engage a corporate lawyer on a full-time or part-time basis depending on the scope of their requirements. These professionals have knowledge of all kinds of laws that may affect an enterprise. It is important to note that they do not specialize in different practice areas like intellectual property, mergers and acquisitions, tax, etc. They help entrepreneurs in forming a business and incorporating it besides helping in establishing corporate governance framework at the organization. Companies depend on these attorneys to know about the regulations they need to follow. Business lawyers also help firms in financial reporting and communicating with shareholders. Most startups, once their legal needs increase substantially, appoint a professional as a general counsel lawyer at their organization.
2. Tax Lawyer
Taxes are an important aspect of running a business. An enterprise is subjected to different kinds of levies besides the usual income tax. Companies have to deduct, pay and report the income tax for the employees hired by them.
Tax lawyers are necessary for understanding the obligations of an organization in this field. They are also needed for representing the corporation in a tribunal or court of law for appealing against an assessment by the authorities or contesting a case brought against them.
3. Employment Lawyer
It is virtually impossible to run a commercial venture without employees. The workforce of an organization comprises of full-time as well as part-time workers. It is essential to know the correct way to hire both kinds of employees. Businesses must use foolproof contracts to formalize the engagement of all workers. These documents are must contain a list of the responsibilities of employees.
The details of their wages and additional benefits must also be included in the agreements. These documents need to be worded carefully clearly defining the responsibilities of the employer as well as the employee. Labor law experts are required to compose these documents in an error-free manner.
4. Intellectual Property Lawyer
One of the most important types of lawyers that all companies need is an intellectual property lawyer. There is a misconception that only firms which deal in software-related work need to hire such professionals. In fact, all kinds of businesses need the services of these advisors to safeguard their vital intellectual property assets. It is not only a software solution or package that can be classified as IP assets.
A brand name, logo, or any other marketing instrument also falls under the same category. Failing to protect them can lead to their misuse and harm the chances of building a strong brand. Intellectual property lawyers have knowledge of copyright, trademarks, and patent laws. They can help by applying the relevant laws to secure an asset and initiate legal proceedings in case of their unauthorized use.
5. Commercial Litigation Lawyer
Disputes can arise due to business issues between a corporation and a partner, a client, or any other associate. Problems like partnership disputes, contract breaches, shareholder issues, class actions, etc. are resolved by a court of law or an equivalent authority.
Firms need commercial litigation lawyers to handle such cases either as prosecution attorneys or defense lawyers. They represent their client in courts and use their skills to try and win a favorable judgment. Entrepreneurs need such advisors to resolve issues efficiently and focus on running their business.
6. Mergers And Acquisitions Lawyer
Mergers and acquisitions are key business strategies used by enterprises to fortify their position in a market or to enter a new one.
These are complex transactions which involve rigorous scrutiny of the financial and operational condition of an organization. Specialist mergers and acquisitions lawyers are required to carry out time-consuming due diligence activities efficiently.
Their skill holds the key to finding out whether a deal will be profitable for their client or not. M&A attorneys are involved in every stage of such transactions and play a vital role in closing them successfully.
7. Bankruptcy Lawyer
Many people feel that bankruptcy law lawyers are meant to help only defaulting debtors. On the contrary, these professionals can be hired by lenders as well to initiate proceedings under the insolvency law.
Businesses need these professionals to manage the insolvency proceedings against their organizations or to initiate one against a borrower.
These professionals are needed to structure the plan to resolve the bankruptcy in a manner that safeguards their client’s interests. They will also help in exploring other alternatives that can be used for resolving the issue.
A business needs assistance from different types of lawyers in order to function properly. Entrepreneurs must make a thorough assessment of their organizations to get an insight into the legal requirements.
This will help in identifying the appropriate professionals they need to engage with their business.